Exxon weighs £100bn bid for BP

Beleaguered British oil giant ready to sell Alaskan field as American predators ask Barack Obama for clear run

Exxon has been told that Obama will not stand in its way (LM Otero)
Exxon has sought clearance from Washington to examine a bid for BP, a takeover
that would create a mega oil company with a stock-market value of more than
$400 billion (£265 billion).

Oil industry sources said yesterday that the Obama administration had told
Exxon, the world’s biggest company, and one other American group — thought
to be Chevron — that it would not stand in the way of a deal that could
value BP at up to £100 billion. The sources cautioned there was no certainty
that Exxon would make a move, but said soundings indicated a renewed
interest in a bid as BP comes closer to plugging the Gulf of Mexico oil
spill.

Yesterday BP removed a cap over the well head as part of a plan to replace it
with a tighter-fitting container that should capture all of the escaping
oil.